Topic: Crypto users in Africa grew by 2,500% in 2021: Report (Read 344 times)
This is a big achievement, africa with the second largest population after asia is a big market so many top exchanges such as huobi, kucoin, binance and so on are actively creating a local market for africa, many analysts believe that the market that will grow big in 2021 is because the influence of the number of users in Africa.
Cryptocurrencies are not only popular in developed countries with advanced technology, high inflation, but cryptocurrencies in Africa are also on the rise, because digital currencies provide a convenient, instant payment channel. Even in countries with lower inflation rates, savvy Africans still prefer to protect their savings with cryptocurrencies.
African continent i don't know the statistics of them going so high in cryptocurrency market i feel that they are behind the bar of cryptocurrency, other continent should be doing good more than African continent and when we analyze it well it is few of countries that welcome cryptocurrency like south Africa. Some of the country in Africa have the technology to work on crypto like mining so that is why i will the statistics should come from another source because before you accept theory many examine will take place for more confirmation and knowing the purpose 
Cryptocurrencies are not only popular in developed countries with advanced technology, high inflation, but cryptocurrencies in Africa are also on the rise, because digital currencies provide a convenient, instant payment channel. Even in countries with lower inflation rates, savvy Africans still prefer to protect their savings with cryptocurrencies.
yeah that's right. and in fact it is developing countries that show rapid progress in crypto users. because in developing countries in fact many people do not have permanent jobs. so they prefer to dive into the crypto world and make it an independent business, namely trading in the crypto market. and the rise in crypto users in developing countries far outpaces developed countries.
Cryptocurrencies are not only popular in developed countries with advanced technology, high inflation, but cryptocurrencies in Africa are also on the rise, because digital currencies provide a convenient, instant payment channel. Even in countries with lower inflation rates, savvy Africans still prefer to protect their savings with cryptocurrencies.
Africans are blessed and fast in accepting valuable stuff's like this, it's widely known how we have bad, old fashioned, political representatives who doesn't permit for the growth of development and technologies.
Alot of Africans see crypto as something that can get them out of poverty and have taken it as something serious. And that can be seen in the rapid growth rate of crypto users over the years. It is true that bad leadership has denied Africans basic things they should be getting from their leaders and so they are turning to crypto or any other kind of businesses to make them money. It is our ability to try on our own to help ourselves that has led to that increase. There are good people in Africa pursuing genuine means of making money. Not every African is a fraudster or criminal as a alot of people outside the continent think.
Me too almost of my crypto friends are from Africa and they are so busy in many online jobs that can earn. They also sharing in a project in social media that can be good in future. Im so proud every Africans that have an hardwork to earn and find a way to feed their families using online. And I know the more the years to come many peoples join in cryptocurrencies.
Not only the Africa,most of the developing countries people had get into the crypto.The countries include of Nigeria,Bangladesh,India,Vietnam and Indonesia.So this only making change in the demand.The demand is the root cross for the increase in the price.It also includes the cryptocurrency.So the price of bitcoin will reach ATH before the year end.
Africans are blessed and fast in accepting valuable stuff's like this, it's widely known how we have bad, old fashioned, political representatives who doesn't permit for the growth of development and technologies.
Alot of Africans see crypto as something that can get them out of poverty and have taken it as something serious. And that can be seen in the rapid growth rate of crypto users over the years. It is true that bad leadership has denied Africans basic things they should be getting from their leaders and so they are turning to crypto or any other kind of businesses to make them money. It is our ability to try on our own to help ourselves that has led to that increase. There are good people in Africa pursuing genuine means of making money. Not every African is a fraudster or criminal as a alot of people outside the continent think.
Quote
A recent report by KuCoin reveals that the number of crypto transactions has increased by 2,670% in some African countries.
Cryptocurrency adoption in Africa is on the march, despite socioeconomic factors and headwinds. A positive report by cryptocurrency exchange KuCoin shows that crypto transactions increased by up to 2,670% in 2022.
An astonishing growth trend, the steep influx relates to the low values that have been observed during previous periods. The number of crypto transactions in Africa constitutes roughly 2.8% of global volumes.
Johnny Lyu, CEO of KuCoin, told Cointelegraph that “the adoption of digital assets in Africa will continue to grow exponentially,” adding that “African countries have the highest crypto adoption rate in the world, outperforming even the biggest regions such as the United States, Europe and Asia.”
Nourou, founder of Bitcoin Senegal, is convinced that the thousand percent growth rates for Bitcoin (BTC) adoption “will continue in coming years.”
Worldwide crypto transactions over a 90 day period. Sub-Saharan Africa is second. Source: UsefulTulips
In particular, the report cites that “more than 88.5% of cryptocurrency transactions made by Africans are cross-border transfers.” Low fees mean that “users pay less than 0.01% of the overall amount of the transaction transferred in cryptocurrencies.”
From high inflation levels and swelling smartphone penetration — effectively allowing anyone to become their own bank — Africa also has a young and digitally native population that is accustomed to digital currencies. Africa is a robust testing ground for the problems which cryptocurrencies attempt to solve.
Lyu did add a note of caution to the staggering growth levels:
In Central and West Africa, for example, BTC adoption is growing against a backdrop of mistrust and discomfort using the local currency, the CFA. Cointelegraph has previously analyzed the state of crypto adoption in Africa, noting that “economic opportunities presented by the region are immense.”
For Lyu, Africa is in an interesting position given that the combination of “growing inflation, high unemployment rates, poor access to bank services and enormous fees for international payments,” creates an environment conducive to crypto adoption. Ultimately:
In the long-term, Africa hosts a wealth of advantages “which cannot but contribute to the widespread use of digital assets among locals.” The median age in Africa is very low — at just 19 years old — and over 40% of the population is urban.
https://cointelegraph.com/news/crypto-users-in-africa-grew-by-2-500-in-2021-report
Cryptocurrency adoption in Africa is on the march, despite socioeconomic factors and headwinds. A positive report by cryptocurrency exchange KuCoin shows that crypto transactions increased by up to 2,670% in 2022.
An astonishing growth trend, the steep influx relates to the low values that have been observed during previous periods. The number of crypto transactions in Africa constitutes roughly 2.8% of global volumes.
Johnny Lyu, CEO of KuCoin, told Cointelegraph that “the adoption of digital assets in Africa will continue to grow exponentially,” adding that “African countries have the highest crypto adoption rate in the world, outperforming even the biggest regions such as the United States, Europe and Asia.”
Nourou, founder of Bitcoin Senegal, is convinced that the thousand percent growth rates for Bitcoin (BTC) adoption “will continue in coming years.”
Quote
“Take a look at the way in which cars, mobile phones and consumer electronics took off on the continent. Africa is a continent where lightning-fast progression and adoption is common.”
Worldwide crypto transactions over a 90 day period. Sub-Saharan Africa is second. Source: UsefulTulips
In particular, the report cites that “more than 88.5% of cryptocurrency transactions made by Africans are cross-border transfers.” Low fees mean that “users pay less than 0.01% of the overall amount of the transaction transferred in cryptocurrencies.”
From high inflation levels and swelling smartphone penetration — effectively allowing anyone to become their own bank — Africa also has a young and digitally native population that is accustomed to digital currencies. Africa is a robust testing ground for the problems which cryptocurrencies attempt to solve.
Lyu did add a note of caution to the staggering growth levels:
Quote
“That rate of growth can depend on both local policy-makers and separate officials’ stances on cryptocurrencies. Still, I believe that a promising future for digital money in Africa is inevitable.”
In Central and West Africa, for example, BTC adoption is growing against a backdrop of mistrust and discomfort using the local currency, the CFA. Cointelegraph has previously analyzed the state of crypto adoption in Africa, noting that “economic opportunities presented by the region are immense.”
For Lyu, Africa is in an interesting position given that the combination of “growing inflation, high unemployment rates, poor access to bank services and enormous fees for international payments,” creates an environment conducive to crypto adoption. Ultimately:
Quote
“Financial problems the region is experiencing are forcing people to look for new instruments and technologies that can give them some of the economic freedom they currently lack.”
In the long-term, Africa hosts a wealth of advantages “which cannot but contribute to the widespread use of digital assets among locals.” The median age in Africa is very low — at just 19 years old — and over 40% of the population is urban.
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“Another positive phenomenon is the growing technological awareness of the local population, with many young people exploring programming and internet technologies.”
https://cointelegraph.com/news/crypto-users-in-africa-grew-by-2-500-in-2021-report
....
The groundwork for mobile based finance and banking in africa has been laid for many years. Making the transition to a cryptocurrency based economy easier, than it may be for other nations like el salvador. There is speculation 1,000% annual growth will be maintained in africa, with 88.5% transactions occurring across borders to leverage low transaction fees.
Africa is a region which is no stranger to hyperinflation and economic troubles. The zimbabwe dollar was known for hyperinflating, long before venezuela and the bolivar or even argentina had their own inflationary troubles.
I suppose the question now, is whether africa is an exception and outlier. Or whether it embracing cryptocurrencies illustrates for us, the future.
This information is not limited to Africa. He has begun to understand the importance of this crypto in recent years, so he has adopted it. But in a few years we will all see the whole world adopt this. Because crypto is the future of the next generation. This technology could lead to future inventions that would change the face of the world. So I am not surprised that in Africa alone the adoption has increased twenty one hundred% in 2021, you will see this with many other countries in the near future.
After El Salvador Became the First Country to Officially Accept Bitcoin Payments. it even made the country of El Salvador the hottest country in the crypto world and made it famous.
while opening the eyes of other countries to the great potential of bitcoin. so now many countries are starting to follow El Salvador's great lead.
El Salvador is originally a not-so-famous country. but now it is a country that is known to almost everyone in the crypto business.
and africa will catch up i guess
Let us all hope that Africa does the same, because from what I have been hearing, their leaders are not so in good terms with cryptocurrency. Nigeria banned cryptocurrency as of recent, although I don’t know whether they’ still maintained that or they have lifted the ban. Although that never stopped its citizens from continuing to invest and trade cryptocurrencies online.while opening the eyes of other countries to the great potential of bitcoin. so now many countries are starting to follow El Salvador's great lead.
El Salvador is originally a not-so-famous country. but now it is a country that is known to almost everyone in the crypto business.
and africa will catch up i guess
When they decided to ban cryptocurrency the citizens all moved over to making use of peer to peer websites. That was what led to some of the cryptocurrency exchanges gaining more users on their platforms. Binance.com peer to peer has continued to see huge engagements in the country. As for centralized exchanges, it hasn’t been the same.
The situation of things in Africa have made the youths scrambling for whatever opportunity that they would see. Most of the youths in Africa have seen cryptocurrency as an avenue for them to generate income online.
While it may not work for some of them, it has also been a life changing experience for a lot of people in the countries in Africa, who are now adopting cryptocurrency in a large number. Cryptocurrency exchanges such as Paxful.com has experienced a huge increase on the number of users on their platforms as of recent, and the number keeps on increasing every year.
While it may not work for some of them, it has also been a life changing experience for a lot of people in the countries in Africa, who are now adopting cryptocurrency in a large number. Cryptocurrency exchanges such as Paxful.com has experienced a huge increase on the number of users on their platforms as of recent, and the number keeps on increasing every year.
In almost all developing countries, people's enthusiasm for crypto has increased so rapidly. other examples than in Africa. Also in Asian countries such as Indonesia and Thailand.
But this is good news for crypto longtime players. because the spike in crypto prices is sure to go up quite quickly. bullish trend is felt now.
Especially with the addition of news about the countries of Ukraine and Russia which have started to legalize crypto.
Well without a doubt, the deflationary economy of BTC totally helps countries with inflation or high levels of inflation, for those who have particular economies this would be the greatest of all the best solutions, in terms of gambling it also has its great advantages because by doing betting on games and sports betting have endless possibilities to increase your money. Not only in AFRICA but throughout the world, one of the advantages that BTC has is that it can be the best method for international remittances, at least El Salvador understood it that way and that is why that country is developing, so much so that it has the president greater acceptance of his government.But this is good news for crypto longtime players. because the spike in crypto prices is sure to go up quite quickly. bullish trend is felt now.
Especially with the addition of news about the countries of Ukraine and Russia which have started to legalize crypto.
After El Salvador Became the First Country to Officially Accept Bitcoin Payments. it even made the country of El Salvador the hottest country in the crypto world and made it famous.
while opening the eyes of other countries to the great potential of bitcoin. so now many countries are starting to follow El Salvador's great lead.
El Salvador is originally a not-so-famous country. but now it is a country that is known to almost everyone in the crypto business.
and africa will catch up i guess
In almost all developing countries, people's enthusiasm for crypto has increased so rapidly. other examples than in Africa. Also in Asian countries such as Indonesia and Thailand.
But this is good news for crypto longtime players. because the spike in crypto prices is sure to go up quite quickly. bullish trend is felt now.
Especially with the addition of news about the countries of Ukraine and Russia which have started to legalize crypto.
Well without a doubt, the deflationary economy of BTC totally helps countries with inflation or high levels of inflation, for those who have particular economies this would be the greatest of all the best solutions, in terms of gambling it also has its great advantages because by doing betting on games and sports betting have endless possibilities to increase your money. Not only in AFRICA but throughout the world, one of the advantages that BTC has is that it can be the best method for international remittances, at least El Salvador understood it that way and that is why that country is developing, so much so that it has the president greater acceptance of his government.But this is good news for crypto longtime players. because the spike in crypto prices is sure to go up quite quickly. bullish trend is felt now.
Especially with the addition of news about the countries of Ukraine and Russia which have started to legalize crypto.
Crypto users is growing in leap and bound in Africa I believe this is based on the fact the growing numbers of unemployed youths are diverting their meagre resources to investing and trading cryptocurrencies and unstable local currencies thus those youths felt that adopting cryptos it's a way out of poverty, Binance Nigerian official telegram group alone has more than 68,000 registered members, Localbitcoin had many Nigerian users likewise, other African countries would have some reasonable numbers of users too, this attested to the fact that the growing numbers of crypto users tallied with reference to the OP statistics.
The campaign to improve welfare from poverty does sound realistic so that many Africans enter cryptocurrencies, some of the top exchanges such as huobi, binance, ftx, mexc and so on are campaigning very massively by presenting local african services so that makes me optimistic that africa will continue to show big surprises in the world. cryptocurrencies.
If we see a lot of advertisements and cryptocurrencies projects then most of them are currently based in Africa, there are even some projects that can reach a hard cap with a collection of around $500 million in less than a month, this proves that Africa will continue to grow positively and become a strong community. continue to grow positively.
I think it’s fantastic that so many people on the African continent are taking advantage of the crypto revolution.
In Africa the utilization and just plain access to banks is so low. With crypto the people now have the means to a secure form of storing digital assets.
I mean look at these numbers of adoption, it just shows how much potential and practical value crypto currencies bring to so many people all over the world.
In Africa the utilization and just plain access to banks is so low. With crypto the people now have the means to a secure form of storing digital assets.
I mean look at these numbers of adoption, it just shows how much potential and practical value crypto currencies bring to so many people all over the world.
The truth is Africa in general is booming speedily in numbers of cryptocurrency users and activities as of recent, check the ranking online as Nigeria im west Africa is one of the first three countries in the world with highest number of crypto users and first in Africa and no doubt about this.
You probably missed this part:
Nigeria also in west Africa has the highest number of users on Paxful exchange, just to mention one and no doubt about this as well.
Because it makes no sense in the rest of the world to use paxful?
Since there is no need for people where banking transactions are not restricted of course countries with this kind of problem will top the charts.
The what now? 
I don’t believe those figures at all. Africa as far as Northern Africa and Middle Africa is considered they are not at all in the position to accept cryptocurrency’s. The west Africa might have some users getting involved into crypto but not that number of people as to get them hiked by 2500%.
I don’t believe those figures at all. Africa as far as Northern Africa and Middle Africa is considered they are not at all in the position to accept cryptocurrency’s. The west Africa might have some users getting involved into crypto but not that number of people as to get them hiked by 2500%.
There was a joke about Afghanistan's economy growing by 200%, their only goat had triplets.
Same here, it's 2500% but it's still 3% of the world volume, so it was probably something like 0.5-1% before.
Just how electric cars sales scan spike by 200-300% it means little if not compared to overall numbers, which somehow the whole report has managed to avoid, so its a 2500% growth to 10 billions a day to it's a growth to 2500$ from 100$ a day.
Hyperinflation is one of the thing why crypto users have grown too much in this country. People are finding a way on how to combat the issue and they figured out that crypto can help but apart from that, Africans are intelligent type of people and they have interest in the technology or the internet.
This makes easier for them to understand and embrace cryptocurrencies. Not only that crypto can help in the inflation, it can also give them an extra income if they use it for trading or investing, this can make their life more easier. Let's just hope that good things for the African people can continue and it can be achieved more if their government made crypto a legal tender.
This was the exact reason why I ended up getting into crypto all those years ago. I believe that there is a good case to be made for all the people that are living in the smaller nations. Like if you are living in the USA then there are places that give you good returns in the stock market or somewhere else, but when you are in a smaller nation, for example like most African nations then you would have to realize that it would be better because it is also protecting against your own fiat as well.This makes easier for them to understand and embrace cryptocurrencies. Not only that crypto can help in the inflation, it can also give them an extra income if they use it for trading or investing, this can make their life more easier. Let's just hope that good things for the African people can continue and it can be achieved more if their government made crypto a legal tender.
Crypto goes up against dollars, and dollar goes up against your own fiat as well which means you are winning twice in the same time when hyperinflation happens.
the hyperinflation that occurs in many African countries makes it difficult for many people to buy basic necessities because their currency exchange rates have been destroyed. but with the emergence of Bitcoin, it all seems to be destroyed, with the extraordinary growth of crypto users, it is appropriate for countries in Africa to immediately make Bitcoin as a legal tender following in the footsteps of el Salvador so that their economy can rise quickly.
Hyperinflation is one of the thing why crypto users have grown too much in this country. People are finding a way on how to combat the issue and they figured out that crypto can help but apart from that, Africans are intelligent type of people and they have interest in the technology or the internet.This makes easier for them to understand and embrace cryptocurrencies. Not only that crypto can help in the inflation, it can also give them an extra income if they use it for trading or investing, this can make their life more easier. Let's just hope that good things for the African people can continue and it can be achieved more if their government made crypto a legal tender.
In almost all developing countries, people's enthusiasm for crypto has increased so rapidly. other examples than in Africa. Also in Asian countries such as Indonesia and Thailand.
But this is good news for crypto longtime players. because the spike in crypto prices is sure to go up quite quickly. bullish trend is felt now.
Especially with the addition of news about the countries of Ukraine and Russia which have started to legalize crypto.
But this is good news for crypto longtime players. because the spike in crypto prices is sure to go up quite quickly. bullish trend is felt now.
Especially with the addition of news about the countries of Ukraine and Russia which have started to legalize crypto.
a significant table, I read history about Africa, even countries that have hyperinflation have the right and are interested in using cryptocurrencies, Kucoin may indeed intentionally record the traces of transaction activities that its citizens carry out, perhaps for survey needs, service providers or listing new tokens. considering that there are many types of cryptocurrencies and we can get them for free by the events that are held. Even so, transaction bubbles occur, basically even though African countries say there are few fiat holders, the assets they liquidate flow and produce queues.
The presentation is very significant bro and I'm sure other countries will follow the progress like Africa although slowly and secretly, we gather in the market
The presentation is very significant bro and I'm sure other countries will follow the progress like Africa although slowly and secretly, we gather in the market
I don’t believe those figures at all. Africa as far as Northern Africa and Middle Africa is considered they are not at all in the position to accept cryptocurrency’s. The west Africa might have some users getting involved into crypto but not that number of people as to get them hiked by 2500%.
The truth is Africa in general is booming speedily in numbers of cryptocurrency users and activities as of recent, check the ranking online as Nigeria im west Africa is one of the first three countries in the world with highest number of crypto users and first in Africa and no doubt about this.
Nigeria also in west Africa has the highest number of users on Paxful exchange, just to mention one and no doubt about this as well.
I heard news like Nigeria is accepting bitcoin as legal tender
This is absolutely fake as nothing of such ever arises even as at present, the only development its having is in using petroleum refinery waste energy in mining bitcoin and this was an initiative of Exxon Mobil oil and gas company.
The what now?
I don’t believe those figures at all. Africa as far as Northern Africa and Middle Africa is considered they are not at all in the position to accept cryptocurrency’s. The west Africa might have some users getting involved into crypto but not that number of people as to get them hiked by 2500%. That’s just really non sense data. Moreover if it is really that much number then I gotta ask how much they might have invested and how much it affected the market anyways? Are they active yet!
I heard news like Nigeria is accepting bitcoin as legal tender but then again we saw how much Nigerian local currency costs. It’s too diluted and none of use.
I don’t believe those figures at all. Africa as far as Northern Africa and Middle Africa is considered they are not at all in the position to accept cryptocurrency’s. The west Africa might have some users getting involved into crypto but not that number of people as to get them hiked by 2500%. That’s just really non sense data. Moreover if it is really that much number then I gotta ask how much they might have invested and how much it affected the market anyways? Are they active yet!
I heard news like Nigeria is accepting bitcoin as legal tender but then again we saw how much Nigerian local currency costs. It’s too diluted and none of use.
Africa is a region which is no stranger to hyperinflation and economic troubles. The zimbabwe dollar was known for hyperinflating, long before venezuela and the bolivar or even argentina had their own inflationary troubles.
I suppose the question now, is whether africa is an exception and outlier. Or whether it embracing cryptocurrencies illustrates for us, the future.
the hyperinflation that occurs in many African countries makes it difficult for many people to buy basic necessities because their currency exchange rates have been destroyed. but with the emergence of Bitcoin, it all seems to be destroyed, with the extraordinary growth of crypto users, it is appropriate for countries in Africa to immediately make Bitcoin as a legal tender following in the footsteps of el Salvador so that their economy can rise quickly. I suppose the question now, is whether africa is an exception and outlier. Or whether it embracing cryptocurrencies illustrates for us, the future.
Crypto users is growing in leap and bound in Africa I believe this is based on the fact the growing numbers of unemployed youths are diverting their meagre resources to investing and trading cryptocurrencies and unstable local currencies thus those youths felt that adopting cryptos it's a way out of poverty, Binance Nigerian official telegram group alone has more than 68,000 registered members, Localbitcoin had many Nigerian users likewise, other African countries would have some reasonable numbers of users too, this attested to the fact that the growing numbers of crypto users tallied with reference to the OP statistics.
Of course we did not expect that Africa experienced an amazing growth of up to 2500%, maybe the market will skyrocket in 2021 due to the increase in African users, and this proves that crypto deserves to be accepted and legalized globally because it can prove to be useful and improve the economy as happened in Africa. .
Africa has the second largest population after Asia, especially since most African countries are developing and many achieve economic growth of up to 2 digits per year, the presence of crypto will certainly be easily accepted in Africa because most projects always make top figures so easy to accept.
While developed countries fear the explosion of crypto because they think it can affect their economies, small, poor countries choose crypto as a new tool to help them overcome difficulties.
It's gratifying to see that crypto is becoming a tool to help those in need while living in a corrupt and inflationary government.
It is hoped that the increase in the use of cryptocurrencies in Africa does not stop here, it will promote the African economy in particular and the crypto market in general to develop together.
It's gratifying to see that crypto is becoming a tool to help those in need while living in a corrupt and inflationary government.
It is hoped that the increase in the use of cryptocurrencies in Africa does not stop here, it will promote the African economy in particular and the crypto market in general to develop together.
One of the main reasons for this is the fact that even though Africa hold so many people, there are not much that they can offer to the world and can't develop properly because of this. There are some poor nations all over the world but they are usually doing worse either because they are not improved well enough yet, or there are corruptions there. Africa is both either and neither of those things.
Definitely they are not improved enough but even if they do, there aren't much that they could offer, and there is still corruption, but not in every single African nation of course. It means that by working with crypto, they could finally get paid decently and improve their lives. At least with bitcoin, we could expect Africa people will get decent life regardless of their corrupted politicians.
Definitely they are not improved enough but even if they do, there aren't much that they could offer, and there is still corruption, but not in every single African nation of course. It means that by working with crypto, they could finally get paid decently and improve their lives. At least with bitcoin, we could expect Africa people will get decent life regardless of their corrupted politicians.
This shows that with the popularity of this market in 2021, many people have started to care and see opportunities for themselves. Perhaps the issues of political and economic instability in Africa are also causing a lot of interest in this field. Perhaps the issues of political and economic instability... lead to more people's being interested in this field more and more. Besides that, we're still seeing profit hype in this space.
Crypto currency is really growing in so many countries in Africa, platforms like binance.com has become one of the major cryptocurrency exchanges that you would find in Africa. With the high inflation that these countries are facing it is very much possible that most of them would like to get into cryptocurrency as a way to save value and not lose it due to their dwindling Fiat.
And adding the fact that cryptocurrency is much cheaper for making transactions to relatives abroad, most of the people in Africa would prefer to make use of Bitcoin when they are making transactions rather than make use of banks or options like Western Union and MoneyGram.
And adding the fact that cryptocurrency is much cheaper for making transactions to relatives abroad, most of the people in Africa would prefer to make use of Bitcoin when they are making transactions rather than make use of banks or options like Western Union and MoneyGram.
I think crypto is the perfect concept for Africa and it makes sense there more than most other places. It is a region where access to the internet, banking or even power can be difficult to access at times. They have large populations which receive money from overseas and want to keep exchange fees to a minimum. They have the option to use exchanges for storage or might even want to keep a physical copy available in their possession - outside the hands of any potential corrupt officials. It makes absolute sense for this continent to grow even more usage.
That is right. We all can remember the protest that took place in one of the countries, Nigeria. And how the protesters decided to switch to cryptocurrency when they notice that the government has started to tackle their efforts. With Bitcoin they were all able to achieve a lot during the protest and were able to raise up a lot of funds through donations that were carried out on social media using crypto currency (Bitcoin).If there was nothing like Bitcoin, their government would be able to easily shut down whatever protest or activities that were going on in the country. And this is also the same thing we saw that happened in Canada as of recent, during the protest people were able to raise up money for the protests using Bitcoin, after the government has tried to block them from making use of Fiat.
KuCoin does not require KYC, nor strictly ask users to pass KYC.
you can create several accounts and withdraw up to about 10 Bitcoin per day, so how can this data be accurate?
I will not doubt the amount of data, but it represents the number of users on Kucoin and not for the whole of Africa.
you can create several accounts and withdraw up to about 10 Bitcoin per day, so how can this data be accurate?
- Did they rely on IP addresses?
- Did they count accounts that passed KYC and from Africa?
- Is the percentage from a specific country or all countries?
- How were they able to determine the percentages for each country?
- How much previous data? before 2021
I will not doubt the amount of data, but it represents the number of users on Kucoin and not for the whole of Africa.
Quote
A recent report by KuCoin reveals that the number of crypto transactions has increased by 2,670% in some African countries.
Cryptocurrency adoption in Africa is on the march, despite socioeconomic factors and headwinds. A positive report by cryptocurrency exchange KuCoin shows that crypto transactions increased by up to 2,670% in 2022.
An astonishing growth trend, the steep influx relates to the low values that have been observed during previous periods. The number of crypto transactions in Africa constitutes roughly 2.8% of global volumes.
Johnny Lyu, CEO of KuCoin, told Cointelegraph that “the adoption of digital assets in Africa will continue to grow exponentially,” adding that “African countries have the highest crypto adoption rate in the world, outperforming even the biggest regions such as the United States, Europe and Asia.”
Nourou, founder of Bitcoin Senegal, is convinced that the thousand percent growth rates for Bitcoin (BTC) adoption “will continue in coming years.”
In particular, the report cites that “more than 88.5% of cryptocurrency transactions made by Africans are cross-border transfers.” Low fees mean that “users pay less than 0.01% of the overall amount of the transaction transferred in cryptocurrencies.”
From high inflation levels and swelling smartphone penetration — effectively allowing anyone to become their own bank — Africa also has a young and digitally native population that is accustomed to digital currencies. Africa is a robust testing ground for the problems which cryptocurrencies attempt to solve.
Lyu did add a note of caution to the staggering growth levels:
In Central and West Africa, for example, BTC adoption is growing against a backdrop of mistrust and discomfort using the local currency, the CFA. Cointelegraph has previously analyzed the state of crypto adoption in Africa, noting that “economic opportunities presented by the region are immense.”
For Lyu, Africa is in an interesting position given that the combination of “growing inflation, high unemployment rates, poor access to bank services and enormous fees for international payments,” creates an environment conducive to crypto adoption. Ultimately:
In the long-term, Africa hosts a wealth of advantages “which cannot but contribute to the widespread use of digital assets among locals.” The median age in Africa is very low — at just 19 years old — and over 40% of the population is urban.
https://cointelegraph.com/news/crypto-users-in-africa-grew-by-2-500-in-2021-report
Cryptocurrency adoption in Africa is on the march, despite socioeconomic factors and headwinds. A positive report by cryptocurrency exchange KuCoin shows that crypto transactions increased by up to 2,670% in 2022.
An astonishing growth trend, the steep influx relates to the low values that have been observed during previous periods. The number of crypto transactions in Africa constitutes roughly 2.8% of global volumes.
Johnny Lyu, CEO of KuCoin, told Cointelegraph that “the adoption of digital assets in Africa will continue to grow exponentially,” adding that “African countries have the highest crypto adoption rate in the world, outperforming even the biggest regions such as the United States, Europe and Asia.”
Nourou, founder of Bitcoin Senegal, is convinced that the thousand percent growth rates for Bitcoin (BTC) adoption “will continue in coming years.”
Quote
“Take a look at the way in which cars, mobile phones and consumer electronics took off on the continent. Africa is a continent where lightning-fast progression and adoption is common.”
In particular, the report cites that “more than 88.5% of cryptocurrency transactions made by Africans are cross-border transfers.” Low fees mean that “users pay less than 0.01% of the overall amount of the transaction transferred in cryptocurrencies.”
From high inflation levels and swelling smartphone penetration — effectively allowing anyone to become their own bank — Africa also has a young and digitally native population that is accustomed to digital currencies. Africa is a robust testing ground for the problems which cryptocurrencies attempt to solve.
Lyu did add a note of caution to the staggering growth levels:
Quote
“That rate of growth can depend on both local policy-makers and separate officials’ stances on cryptocurrencies. Still, I believe that a promising future for digital money in Africa is inevitable.”
In Central and West Africa, for example, BTC adoption is growing against a backdrop of mistrust and discomfort using the local currency, the CFA. Cointelegraph has previously analyzed the state of crypto adoption in Africa, noting that “economic opportunities presented by the region are immense.”
For Lyu, Africa is in an interesting position given that the combination of “growing inflation, high unemployment rates, poor access to bank services and enormous fees for international payments,” creates an environment conducive to crypto adoption. Ultimately:
Quote
“Financial problems the region is experiencing are forcing people to look for new instruments and technologies that can give them some of the economic freedom they currently lack.”
In the long-term, Africa hosts a wealth of advantages “which cannot but contribute to the widespread use of digital assets among locals.” The median age in Africa is very low — at just 19 years old — and over 40% of the population is urban.
Quote
“Another positive phenomenon is the growing technological awareness of the local population, with many young people exploring programming and internet technologies.”
https://cointelegraph.com/news/crypto-users-in-africa-grew-by-2-500-in-2021-report
....
The groundwork for mobile based finance and banking in africa has been laid for many years. Making the transition to a cryptocurrency based economy easier, than it may be for other nations like el salvador. There is speculation 1,000% annual growth will be maintained in africa, with 88.5% transactions occurring across borders to leverage low transaction fees.
Africa is a region which is no stranger to hyperinflation and economic troubles. The zimbabwe dollar was known for hyperinflating, long before venezuela and the bolivar or even argentina had their own inflationary troubles
I think crypto is the perfect concept for Africa and it makes sense there more than most other places. It is a region where access to the internet, banking or even power can be difficult to access at times. They have large populations which receive money from overseas and want to keep exchange fees to a minimum. They have the option to use exchanges for storage or might even want to keep a physical copy available in their possession - outside the hands of any potential corrupt officials. It makes absolute sense for this continent to grow even more usage.
Cryptocurrency adoption in Africa is on the march, despite socioeconomic factors and headwinds.
Cryptocurrency has always helped countries with weak economies and hyperinflation. Personally I am not surprised that in such regions we see explosive growth of crypto-transactions and growth of adoptshen, the same p2p transactions help people in such countries to find solutions in difficult economic and financial situation. There are many countries in Africa with hyper inflation, money is constantly depreciating, banks impose limits on fiat turnover and money transfers, moreover, commissions for such transfers can be unreasonably high. Therefore, converting local currency into cryptocurrency in such countries, as well as storing savings in cryptocurrency, is an extremely logical step.
I've read a unique something which is mentioned by Jack Dorsey, He said that "Africa will have future in Bitcoin" so now we will see how they are able to realize an advanced economy with the massive use of Bitcoin. But don't get the wrong perception, Jack Dorsey has researched it very professionally
I also saw this jack dorsey tweet...jack dorsey was even willing to leave the CEO position of Twitter to Parag Agrawal just to focus on developing his lighting network platform and also expanding his personal research in crypto, especially Bitcoin. Africa is a very extraordinary continent, the growth of crypto enthusiasts has exceeded Asia's, and I'm sure the number will continue to grow in the future.
I've read a unique something which is mentioned by Jack Dorsey, He said that "Africa will have future in Bitcoin" so now we will see how they are able to realize an advanced economy with the massive use of Bitcoin. But don't get the wrong perception, Jack Dorsey has researched it very professionally
The title says "Crypto users in Africa grew by 2,500% in 2021", but the report talks about an increase in crypto transactions "A recent report by KuCoin reveals that the number of crypto transactions has increased by 2,670% in some African countries"
In any case, I don't see things like this as something that should be taken for granted, but more as self-promotion. Some Johhny said this to some shitty crypto media that will make some money from all those who believe in such fairy tales, a win-win situation for both and Africa has gained several million new crypto users
In any case, I don't see things like this as something that should be taken for granted, but more as self-promotion. Some Johhny said this to some shitty crypto media that will make some money from all those who believe in such fairy tales, a win-win situation for both and Africa has gained several million new crypto users
This report is a clear example of trying to paint an exaggerated picture but on constraints of your previously overexaggerated numbers.
Quote
An astonishing growth trend, the steep influx relates to the low values that have been observed during previous periods. The number of crypto transactions in Africa constitutes roughly 2.8% of global volumes.
What can we understand from this, is that the growth in Africa has been far bigger than in any other part of the world, so let's give it a 3x time growth? That would mean the previous numbers would have shown a less than 1% of global volume in Africa, despite the claims of tens of millions of users there. So everything they have said before about Africa leading somehow the way was totally fake.
But it doesn't even stop here, if we would go with the increased usage but low payments this paragraph also makes no sense
Quote
In particular, the report cites that “more than 88.5% of cryptocurrency transactions made by Africans are cross-border transfers.” Low fees mean that “users pay less than 0.01% of the overall amount of the transaction transferred in cryptocurrencies.”
If they would be sending those with 1sat/b and that's 5 cents per tx for a single input/output tx it means that the sums are at least over 500$ each, ignoring of course the cost for the purchasing and exchanging. Which again, makes little sense if we talk about high usage low volume.
Expect more and more increase in the number of people entering Crypto, Africa is a continent rich in natural resources with large arable lands, but our government has done nothing to better lives or improve the economy of the continent, so people saw a global market, they dump the government dead stock market and sign up for a better market.
the percentage is higher than asia, i think asia has more crypto fans than african continent. This proves that the level of users in Africa is higher and it is possible that African countries adopted crypto first than Asian or Latin American countries.
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Transactions from African countries increase on kucoin exchange, I believe that's what this article is just trying to say and I won't be surprised by that. Previously Binance Exchange was usually the go to exchange for most Africans. I know of people that know of Binance Exchange or have heard of it without even knowing anything about cryptocurency but recently that has been declining due to the injustice from the exchange. Other exchanges are benefiting from this as there has been some serious online campaign especially on the bird app (twitter) and this would had discourage many from using Binance Exchange instead start looking for other alternative.
Nigeria should have some big volume if the countries contributing to this increase were published. Many Nigeria as a result of this; Binance vs Nigerian; Most recent development on frozen funds without prior notice and other reason have stop trading on Binance and since Kucoin is quite similar to Binance, it's assume they got some traffic which lead to the increase in transactions as they're reporting. As for those talking about the users, steadily African is having more individually involved in the space. I don't have the data to back that now but it's quite evident among the youths
Nigeria should have some big volume if the countries contributing to this increase were published. Many Nigeria as a result of this; Binance vs Nigerian; Most recent development on frozen funds without prior notice and other reason have stop trading on Binance and since Kucoin is quite similar to Binance, it's assume they got some traffic which lead to the increase in transactions as they're reporting. As for those talking about the users, steadily African is having more individually involved in the space. I don't have the data to back that now but it's quite evident among the youths
OK, makes more sense reading the actual headline: 25x increase in crypto-related transactions, not users... =)
And not that I'm going all pedant but transacting with an exchange is not really using so much as trading. Crypto traders may very well be rising but I think users need to be defined a bit better. e.g. Drug users and drug traders I like to say ha
Also, depending on how they choose to send, could actually not even be on-chain. I say this as the report looks at cross-border txs. How else would you know unless using Kucoin? This also makes sense when you open the Kucoin report and it links "low fees" to their own promotion of low fees for trading.
And not that I'm going all pedant but transacting with an exchange is not really using so much as trading. Crypto traders may very well be rising but I think users need to be defined a bit better. e.g. Drug users and drug traders I like to say ha
Also, depending on how they choose to send, could actually not even be on-chain. I say this as the report looks at cross-border txs. How else would you know unless using Kucoin? This also makes sense when you open the Kucoin report and it links "low fees" to their own promotion of low fees for trading.
There were a lot of instances where the government did not support cryptocurrencies as a whole which made this growth even more significant. One have to understand the fact that cryptocurrencies as a whole does have a lot of purpose and government cannot really control their usage no matter how much they wish to, there is still no legality regarding cryptocurrencies neither are they protected by law as well.
Most of these transactions are p2p since banks and western union, overseas are not that much of a handy option therefore cryptocurrencies are making their moves by dominating the overseas transactions.
Even students going to colleges are actually benefiting from sending/recieving their fee through cryptocurrencies, to and from Nigeria, it's very very popular, almost every Nigerian friend of mine owns cryptocurrencies. Altcoins are also gaining popularity.
Most of these transactions are p2p since banks and western union, overseas are not that much of a handy option therefore cryptocurrencies are making their moves by dominating the overseas transactions.
Even students going to colleges are actually benefiting from sending/recieving their fee through cryptocurrencies, to and from Nigeria, it's very very popular, almost every Nigerian friend of mine owns cryptocurrencies. Altcoins are also gaining popularity.
The title says "Crypto users in Africa grew by 2,500% in 2021", but the report talks about an increase in crypto transactions "A recent report by KuCoin reveals that the number of crypto transactions has increased by 2,670% in some African countries"
I guess they meant to say crypto usage increased by 2,500%.
Wonder if word prediction got the better of them there?
It goes on to say 88.5% were cross border transactions. If each transaction represents 1 person, sending crypto across the border to friends or family. It could correlate with an increase in users on a near 1:1 basis.
The title says "Crypto users in Africa grew by 2,500% in 2021", but the report talks about an increase in crypto transactions "A recent report by KuCoin reveals that the number of crypto transactions has increased by 2,670% in some African countries"
In any case, I don't see things like this as something that should be taken for granted, but more as self-promotion. Some Johhny said this to some shitty crypto media that will make some money from all those who believe in such fairy tales, a win-win situation for both and Africa has gained several million new crypto users
In any case, I don't see things like this as something that should be taken for granted, but more as self-promotion. Some Johhny said this to some shitty crypto media that will make some money from all those who believe in such fairy tales, a win-win situation for both and Africa has gained several million new crypto users
I can easily accept such results. In all developing countries, where people are constantly looking for an additional way to earn money, the population is massively trying something. Bitcoin is the most popular way to increase your capital, therefore such growth figures. I myself am not from a developed country, so I can safely say that kritpa is practically the only area for earning additional funds.
I expect further growth than this honestly speaking, during the African Cup of nations, a lot of people got to about Cryptocurrency as Binance was part of the sponsor's for the Competition.
Africans are blessed and fast in accepting valuable stuff's like this, it's widely known how we have bad, old fashioned, political representatives who doesn't permit for the growth of development and technologies.
Despite that, Africans are recalcitrant and doing great in the cryptocurrency sphere... Gladdens me to see this statistics that Africans are in the top three leading to adoption.
Africans are blessed and fast in accepting valuable stuff's like this, it's widely known how we have bad, old fashioned, political representatives who doesn't permit for the growth of development and technologies.
Despite that, Africans are recalcitrant and doing great in the cryptocurrency sphere... Gladdens me to see this statistics that Africans are in the top three leading to adoption.
Quote
A recent report by KuCoin reveals that the number of crypto transactions has increased by 2,670% in some African countries.
Cryptocurrency adoption in Africa is on the march, despite socioeconomic factors and headwinds. A positive report by cryptocurrency exchange KuCoin shows that crypto transactions increased by up to 2,670% in 2022.
An astonishing growth trend, the steep influx relates to the low values that have been observed during previous periods. The number of crypto transactions in Africa constitutes roughly 2.8% of global volumes.
Johnny Lyu, CEO of KuCoin, told Cointelegraph that “the adoption of digital assets in Africa will continue to grow exponentially,” adding that “African countries have the highest crypto adoption rate in the world, outperforming even the biggest regions such as the United States, Europe and Asia.”
Nourou, founder of Bitcoin Senegal, is convinced that the thousand percent growth rates for Bitcoin (BTC) adoption “will continue in coming years.”
Worldwide crypto transactions over a 90 day period. Sub-Saharan Africa is second. Source: UsefulTulips
In particular, the report cites that “more than 88.5% of cryptocurrency transactions made by Africans are cross-border transfers.” Low fees mean that “users pay less than 0.01% of the overall amount of the transaction transferred in cryptocurrencies.”
From high inflation levels and swelling smartphone penetration — effectively allowing anyone to become their own bank — Africa also has a young and digitally native population that is accustomed to digital currencies. Africa is a robust testing ground for the problems which cryptocurrencies attempt to solve.
Lyu did add a note of caution to the staggering growth levels:
In Central and West Africa, for example, BTC adoption is growing against a backdrop of mistrust and discomfort using the local currency, the CFA. Cointelegraph has previously analyzed the state of crypto adoption in Africa, noting that “economic opportunities presented by the region are immense.”
For Lyu, Africa is in an interesting position given that the combination of “growing inflation, high unemployment rates, poor access to bank services and enormous fees for international payments,” creates an environment conducive to crypto adoption. Ultimately:
In the long-term, Africa hosts a wealth of advantages “which cannot but contribute to the widespread use of digital assets among locals.” The median age in Africa is very low — at just 19 years old — and over 40% of the population is urban.
https://cointelegraph.com/news/crypto-users-in-africa-grew-by-2-500-in-2021-report
Cryptocurrency adoption in Africa is on the march, despite socioeconomic factors and headwinds. A positive report by cryptocurrency exchange KuCoin shows that crypto transactions increased by up to 2,670% in 2022.
An astonishing growth trend, the steep influx relates to the low values that have been observed during previous periods. The number of crypto transactions in Africa constitutes roughly 2.8% of global volumes.
Johnny Lyu, CEO of KuCoin, told Cointelegraph that “the adoption of digital assets in Africa will continue to grow exponentially,” adding that “African countries have the highest crypto adoption rate in the world, outperforming even the biggest regions such as the United States, Europe and Asia.”
Nourou, founder of Bitcoin Senegal, is convinced that the thousand percent growth rates for Bitcoin (BTC) adoption “will continue in coming years.”
Quote
“Take a look at the way in which cars, mobile phones and consumer electronics took off on the continent. Africa is a continent where lightning-fast progression and adoption is common.”
Worldwide crypto transactions over a 90 day period. Sub-Saharan Africa is second. Source: UsefulTulips
In particular, the report cites that “more than 88.5% of cryptocurrency transactions made by Africans are cross-border transfers.” Low fees mean that “users pay less than 0.01% of the overall amount of the transaction transferred in cryptocurrencies.”
From high inflation levels and swelling smartphone penetration — effectively allowing anyone to become their own bank — Africa also has a young and digitally native population that is accustomed to digital currencies. Africa is a robust testing ground for the problems which cryptocurrencies attempt to solve.
Lyu did add a note of caution to the staggering growth levels:
Quote
“That rate of growth can depend on both local policy-makers and separate officials’ stances on cryptocurrencies. Still, I believe that a promising future for digital money in Africa is inevitable.”
In Central and West Africa, for example, BTC adoption is growing against a backdrop of mistrust and discomfort using the local currency, the CFA. Cointelegraph has previously analyzed the state of crypto adoption in Africa, noting that “economic opportunities presented by the region are immense.”
For Lyu, Africa is in an interesting position given that the combination of “growing inflation, high unemployment rates, poor access to bank services and enormous fees for international payments,” creates an environment conducive to crypto adoption. Ultimately:
Quote
“Financial problems the region is experiencing are forcing people to look for new instruments and technologies that can give them some of the economic freedom they currently lack.”
In the long-term, Africa hosts a wealth of advantages “which cannot but contribute to the widespread use of digital assets among locals.” The median age in Africa is very low — at just 19 years old — and over 40% of the population is urban.
Quote
“Another positive phenomenon is the growing technological awareness of the local population, with many young people exploring programming and internet technologies.”
https://cointelegraph.com/news/crypto-users-in-africa-grew-by-2-500-in-2021-report
....
The groundwork for mobile based finance and banking in africa has been laid for many years. Making the transition to a cryptocurrency based economy easier, than it may be for other nations like el salvador. There is speculation 1,000% annual growth will be maintained in africa, with 88.5% transactions occurring across borders to leverage low transaction fees.
Africa is a region which is no stranger to hyperinflation and economic troubles. The zimbabwe dollar was known for hyperinflating, long before venezuela and the bolivar or even argentina had their own inflationary troubles.
I suppose the question now, is whether africa is an exception and outlier. Or whether it embracing cryptocurrencies illustrates for us, the future.
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